關於 target customers ，我們在網路上蒐集到這些相關的討論、資訊與評價

第四集 (一連七集) 哈佛知識分享: What is strategy? How do you create value? 什麼是策略 ? 你如何創造價值?

一開始我講過:

"The first test of a strategy is whether your value proposition is different from your rivals. If you are trying to serve the same customers and meet the same needs and sell at the same relative price, then you don't have a strategy. " by Michael Porter

如果你嘅價值主張係同你嘅競爭對手一樣， 即係話你服務緊同一班顧客， 解決緊同一問題， 收緊差唔多價錢的話， 哈佛教授米高波特就講你係「人做你做」，你「無策略」 。

咁何謂一個好嘅策略 Good Strategy? 教授講要經得起五個 Tests:

A distinctive value proposition 獨特的價值主張

A tailored value chain 度身訂造的企業價值鏈

Trade-offs different from rivals 同競爭對手不同的「取捨」

Fit across value chain 成條企業價值鏈的活動要配合

Continuity over time 持續性、持續性，不能一時一樣

今集先再你講(1) 同 (2)。 (1) 何謂獨特的價值主張? 你先回答以下三條問題，睇下你同競爭對手有乜唔同。

Which customers are you serving? (What end users? What channels?) 你服務緊邊班客? 誰是最終顧客? 什麼渠道接觸他們?

Which needs are you going to meet? (What products、features、services?) 你想滿足他們什麼需求? 什麼產品、特徵 、服務?

What relative price? (Premium or discount?) 相比起競爭對手，你打算賣貴啲或平啲?

"The value proposition is the element of strategy that looks outward at customers, at the demand side of the business. The value chain focuses internally on operations. Strategy is fundamentally integrative, bringing the demand and supply sides together." by Michael Porter

策略入面的「價值主張」 是從由顧客的「需求」角度出發。 「企業價值鏈」反而是由內部的營運流程「供應」出發。 策略的基礎就係把「需求」及「供應」兩者整合在一起。

你要有好嘅策略，你就要第 (2) Have a tailored value chain 有一條度身訂造的企業價值鏈。由入貨、加工、包裝、市場推廣、 銷售 、出貨、至售後服務都要同競爭對手唔同， 都係度身訂做去服務你以上「價值主張」要服務的顧客。

Michael Porter 話做生意常犯嘅錯誤，亦都係最忌嘅就係 "Stuck in the middle" 「卡住喺中間」。即係平又唔係平過人， 靚又唔係靚過人， 服務嗰班客或者佢哋嘅需求又唔係特別嘅過人，咁你就乜唔係，「價值主張」無乜特別，好難突出。咁你可以點?

例如， 如果就咁開間租車公司，你點同業界巨頭 Hertz, Budget, Avis 打呢? 好容易就 "Stuck in the middle"， 因此絕大部分嘅租車公司你都唔會識，我亦都唔會提。 但美國有間獨特的租車公司，Zipcar， 佢同一般嘅租車公司好唔同。

Zipcar 唔係好似絕大部分嘅租車公司咁， target 區外客， 到咗某個城市要租車週圍走。佢係 target 平時市區內住，無養車， 但突然間想租車走一轉嘅人仕。佢唔係按「日租」，而係按「時租」， 你想去超級市場買一轉餸都可以租。

Zipcar冇話特定嘅租車中心， 而係啲車周街泊， 透過佢嘅Apps 你就知道架車泊咗係邊度及還車地點。 咁就更加方便同埋近你屋企。公司營運成本都平好多。

Zipcar 的車種經常畀人感覺係較 “Cool" ，比較型仔啲、環保啲。 佢唔會花好多錢大賣電視/戶外廣告，而係喺架車身上面貼住大大個公司 hip logo，變相周街免費流動廣告。

Zipcar 叫自己做 Car Sharing Company, not Car Rental Company。因為唔係個個人都租得，而只係付月費/年費的會員才能夠租。 依家月費每月7元美金或年費70元美金。咁佢就可以每次收費更平出租，但重複地賺你個月費年費。 佢想建立個形象就係 Car Sharing 遠遠環保過自己一個買架、保養、同埋棄置成架車。專攻年輕、活躍、較 "Green“ 的新一代。

Zipcar 仲有好多好多嘅特點講唔晒。總之就係，佢嘅 value proposition 價值主張 (Which Customers? Which Needs? What Relative Price?) 同所有其他租車公司巨頭都唔同， 成條嘅企業價值都係為咗個「價值主張」而去度身訂，同所有競爭對手都好唔同。

記住前幾集我同你講過，what's the right mind-set for competition? 你應該點諗競爭?

盡量得，你應該諗 Not be the the best, but be unique。 唔係要做到最好，而係做到最獨特。Zipcar is unique.

Not be number 1, but earn higher returns. 唔係要做到第一，而係要多啲回報，賺多啲錢! Zipcar 回報最高嘅係不斷重複收嘅月費年費，最穩定。

Not focus on market share, but focus on profits. 唔係要市佔率，係要利潤。Zipcar 賺錢。

Not serve the "best" customer with "best" product, but meet the diverse needs of target customers. 唔係要「最好」嘅產品，畀「最好」嘅客。而係用唔同嘅產品，滿足唔同顧客嘅需求。Zipcar 班客同其他租車公司好唔同。

Not compete by imitation, but compete by innovation. 唔係人做你做，而係要創新! Zipcar 肯定創新。

Not ZERO SUM game, but POSITIVE SUM. 唔係「零和遊戲」、互相廝殺， 而係大家從不同層面創造價值， 可以有好多個贏家。Zipcar 吸引咗一班平時唔係租開車嘅客， 佢做大咗個餅。

Zipcar 就係做到上 "Be Unique“ 嘅表表者。因此短短幾年間就可以係租車業界一支箭咁標上去，2000年係美國波士頓創立, 2013年就俾另一租車業界巨頭 Avis Budget Group 以美金5億收購了。2016年9月 Zipcar 公佈，全球9個國家，500個城市，擁有超過一百萬個會員。 一百萬個付費會員， 即使全部人唔租車，只係收月費年費都幾和味。 呢個就係我成日所講嘅做生意要做「農夫」，唔好做「獵人」，必須要客人係重複性購買， 你塊田先至會越嚟越大。

包括我自己在內，如果我純粹買賣舖， 根本我同其他商舖投資者無分別， 我錢又唔夠佢哋多，經驗又唔夠佢哋老到。 直接對撼，I have no strategy! 但我做「商舖基金」就完全唔同啦。班目標顧客、佢哋嘅需求、我所收嘅價錢，都完全唔同。 大家都係做「舖」，但我成條做「舖」嘅「企業價值鏈」， 由集資、買舖、 整理間舖、搵租客、諗計仔幫佢做多啲生意、至出售間舖、同售後服務， 都係同其他競爭對手唔同。亦都解釋咗點解， 即使社運/肺炎，我哋基金每季集資起碼6000港幣都季季爆額，近年全香港買賣街舖無人多過我哋， 我相信只要我哋專注係我哋條買舖的獨特嘅「企業價值鏈」，未來幾十年香港都唔會有人買賣舖多過我哋。

"Choices in the value proposition that limit what a company will do are essential to strategy because they create the opportunity to tailor activities in a way that best delivers that kind of value." by Michael Porter

「選擇」係重要嘅! 你公司就要選有乜嘢做，同更重要 - 有乜嘢唔做，咁你先至可以更加度身訂造地做好你成條「企業價值鏈」，去為你嘅「價值主張」創造最佳價值。

有興趣一齊研究下點做? 聽多啲 Michael Porter，就來我星期六嘅早餐會啦! 下集我再同你講 (3) Trade-offs different from rivals 同競爭對手，應該有什麼不同的「取捨」?

。。。。。

My hobby 《星期六早餐會》!

九月份早餐會 Topic: Applying "Michael Porter" to your business: How to compete and win!

哈佛分享: 如何應用「米高波特」於你盤生意? 點競爭? 點贏?

講起哈佛策略教授， 無人出名過 Michael Porter. 有幸我2017年在哈佛親身上過他教的課程， 今次早餐會同你分享，希望對你做生意亦有所啟發。

有興趣參加啦 😃 每次限四位 (包括我)。 人多傾唔到計。

9月份，逢星期六早上9時開始，約三小時。地點中環。

對象: 中小企老闆/創業者/公司管理層，連我限4位。

有興趣參加的話，請 whatsapp 你的名片給 Suki (我助手) (+852) 5566 1335。

我唔係靠呢行搵食，免費，我請食早餐 😉 Be friends ..... 有機會到時見你。李根興 Edwin

www.edwinlee.com.hk
www.bwfund.com

聯絡李根興 whatsapp (+852) 90361143

#michael_porter #競爭策略

第四集 (一連七集) 哈佛知識分享: What is strategy? How do you create value? 什麼是策略 ? 你如何創造價值?

一開始我講過:

"The first test of a strategy is whether your value proposition is different from your rivals. If you are trying to serve the same customers and meet the same needs and sell at the same relative price, then you don't have a strategy. " by Michael Porter

如果你嘅價值主張係同你嘅競爭對手一樣， 即係話你服務緊同一班顧客， 解決緊同一問題， 收緊差唔多價錢的話， 哈佛教授米高波特就講你係「人做你做」，你「無策略」 。

咁何謂一個好嘅策略 Good Strategy? 教授講要經得起五個 Tests:

A distinctive value proposition 獨特的價值主張

A tailored value chain 度身訂造的企業價值鏈

Trade-offs different from rivals 同競爭對手不同的「取捨」

Fit across value chain 成條企業價值鏈的活動要配合

Continuity over time 持續性、持續性，不能一時一樣

今集先再你講(1) 同 (2)。 (1) 何謂獨特的價值主張? 你先回答以下三條問題，睇下你同競爭對手有乜唔同。

Which customers are you serving? (What end users? What channels?) 你服務緊邊班客? 誰是最終顧客? 什麼渠道接觸他們?

Which needs are you going to meet? (What products、features、services?) 你想滿足他們什麼需求? 什麼產品、特徵 、服務?

What relative price? (Premium or discount?) 相比起競爭對手，你打算賣貴啲或平啲?

"The value proposition is the element of strategy that looks outward at customers, at the demand side of the business. The value chain focuses internally on operations. Strategy is fundamentally integrative, bringing the demand and supply sides together." by Michael Porter

策略入面的「價值主張」 是從由顧客的「需求」角度出發。 「企業價值鏈」反而是由內部的營運流程「供應」出發。 策略的基礎就係把「需求」及「供應」兩者整合在一起。

你要有好嘅策略，你就要第 (2) Have a tailored value chain 有一條度身訂造的企業價值鏈。由入貨、加工、包裝、市場推廣、 銷售 、出貨、至售後服務都要同競爭對手唔同， 都係度身訂做去服務你以上「價值主張」要服務的顧客。

Michael Porter 話做生意常犯嘅錯誤，亦都係最忌嘅就係 "Stuck in the middle" 「卡住喺中間」。即係平又唔係平過人， 靚又唔係靚過人， 服務嗰班客或者佢哋嘅需求又唔係特別嘅過人，咁你就乜唔係，「價值主張」無乜特別，好難突出。咁你可以點?

例如， 如果就咁開間租車公司，你點同業界巨頭 Hertz, Budget, Avis 打呢? 好容易就 "Stuck in the middle"， 因此絕大部分嘅租車公司你都唔會識，我亦都唔會提。 但美國有間獨特的租車公司，Zipcar， 佢同一般嘅租車公司好唔同。

Zipcar 唔係好似絕大部分嘅租車公司咁， target 區外客， 到咗某個城市要租車週圍走。佢係 target 平時市區內住，無養車， 但突然間想租車走一轉嘅人仕。佢唔係按「日租」，而係按「時租」， 你想去超級市場買一轉餸都可以租。

Zipcar冇話特定嘅租車中心， 而係啲車周街泊， 透過佢嘅Apps 你就知道架車泊咗係邊度及還車地點。 咁就更加方便同埋近你屋企。公司營運成本都平好多。

Zipcar 的車種經常畀人感覺係較 “Cool" ，比較型仔啲、環保啲。 佢唔會花好多錢大賣電視/戶外廣告，而係喺架車身上面貼住大大個公司 hip logo，變相周街免費流動廣告。

Zipcar 叫自己做 Car Sharing Company, not Car Rental Company。因為唔係個個人都租得，而只係付月費/年費的會員才能夠租。 依家月費每月7元美金或年費70元美金。咁佢就可以每次收費更平出租，但重複地賺你個月費年費。 佢想建立個形象就係 Car Sharing 遠遠環保過自己一個買架、保養、同埋棄置成架車。專攻年輕、活躍、較 "Green“ 的新一代。

Zipcar 仲有好多好多嘅特點講唔晒。總之就係，佢嘅 value proposition 價值主張 (Which Customers? Which Needs? What Relative Price?) 同所有其他租車公司巨頭都唔同， 成條嘅企業價值都係為咗個「價值主張」而去度身訂，同所有競爭對手都好唔同。

記住前幾集我同你講過，what's the right mind-set for competition? 你應該點諗競爭?

盡量得，你應該諗 Not be the the best, but be unique。 唔係要做到最好，而係做到最獨特。Zipcar is unique.

Not be number 1, but earn higher returns. 唔係要做到第一，而係要多啲回報，賺多啲錢! Zipcar 回報最高嘅係不斷重複收嘅月費年費，最穩定。

Not focus on market share, but focus on profits. 唔係要市佔率，係要利潤。Zipcar 賺錢。

Not serve the "best" customer with "best" product, but meet the diverse needs of target customers. 唔係要「最好」嘅產品，畀「最好」嘅客。而係用唔同嘅產品，滿足唔同顧客嘅需求。Zipcar 班客同其他租車公司好唔同。

Not compete by imitation, but compete by innovation. 唔係人做你做，而係要創新! Zipcar 肯定創新。

Not ZERO SUM game, but POSITIVE SUM. 唔係「零和遊戲」、互相廝殺， 而係大家從不同層面創造價值， 可以有好多個贏家。Zipcar 吸引咗一班平時唔係租開車嘅客， 佢做大咗個餅。

Zipcar 就係做到上 "Be Unique“ 嘅表表者。因此短短幾年間就可以係租車業界一支箭咁標上去，2000年係美國波士頓創立, 2013年就俾另一租車業界巨頭 Avis Budget Group 以美金5億收購了。2016年9月 Zipcar 公佈，全球9個國家，500個城市，擁有超過一百萬個會員。 一百萬個付費會員， 即使全部人唔租車，只係收月費年費都幾和味。 呢個就係我成日所講嘅做生意要做「農夫」，唔好做「獵人」，必須要客人係重複性購買， 你塊田先至會越嚟越大。

包括我自己在內，如果我純粹買賣舖， 根本我同其他商舖投資者無分別， 我錢又唔夠佢哋多，經驗又唔夠佢哋老到。 直接對撼，I have no strategy! 但我做「商舖基金」就完全唔同啦。班目標顧客、佢哋嘅需求、我所收嘅價錢，都完全唔同。 大家都係做「舖」，但我成條做「舖」嘅「企業價值鏈」， 由集資、買舖、 整理間舖、搵租客、諗計仔幫佢做多啲生意、至出售間舖、同售後服務， 都係同其他競爭對手唔同。亦都解釋咗點解， 即使社運/肺炎，我哋基金每季集資起碼6000港幣都季季爆額，近年全香港買賣街舖無人多過我哋， 我相信只要我哋專注係我哋條買舖的獨特嘅「企業價值鏈」，未來幾十年香港都唔會有人買賣舖多過我哋。

"Choices in the value proposition that limit what a company will do are essential to strategy because they create the opportunity to tailor activities in a way that best delivers that kind of value." by Michael Porter

「選擇」係重要嘅! 你公司就要選有乜嘢做，同更重要 - 有乜嘢唔做，咁你先至可以更加度身訂造地做好你成條「企業價值鏈」，去為你嘅「價值主張」創造最佳價值。

有興趣一齊研究下點做? 聽多啲 Michael Porter，就來我星期六嘅早餐會啦! 下集我再同你講 (3) Trade-offs different from rivals 同競爭對手，應該有什麼不同的「取捨」?

。。。。。

My hobby 《星期六早餐會》!

九月份早餐會 Topic: Applying "Michael Porter" to your business: How to compete and win!

哈佛分享: 如何應用「米高波特」於你盤生意? 點競爭? 點贏?

講起哈佛策略教授， 無人出名過 Michael Porter. 有幸我2017年在哈佛親身上過他教的課程， 今次早餐會同你分享，希望對你做生意亦有所啟發。

有興趣參加啦 😃 每次限四位 (包括我)。 人多傾唔到計。

9月份，逢星期六早上9時開始，約三小時。地點中環。

對象: 中小企老闆/創業者/公司管理層，連我限4位。

有興趣參加的話，請 whatsapp 你的名片給 Suki (我助手) (+852) 5566 1335。

我唔係靠呢行搵食，免費，我請食早餐 😉 Be friends ..... 有機會到時見你。李根興 Edwin

www.edwinlee.com.hk
www.bwfund.com

聯絡李根興 whatsapp (+852) 90361143

#michael_porter #競爭策略

🌻Docusign(DOCU), Crowdstrike(CRWD)財報結果
上週這兩家公司發表財報了.

這兩天看了一下他們的財報結果. Again, 兩家的表現都很好, 但發現分析師給DOCU的調價(往上)幅度比較多, 就好奇研究了一下SaaS公司是怎麼被估值的. 有興趣的話可以看看(從中學習到很多. 非常推薦一讀):
https://makingsenseofusastocks.blogspot.com/2021/09/blog-post.html

(By the way, 分析師對CRWD的價格調幅沒那麼大, 主因是成長趨緩了. 而DOCU的free cash flow佔營收比, 以及顧客黏著力在這季創了新高, 是讓分析師按讚的幾個原因).

關於CRWD: "The Street is already modeling revenue growth deceleration in 2022 to 36%, down from 60% expected in 2021, which on its own might prove a hurdle for a stock already trading at a high multiple," said Bank of America analyst Tal Liani in a report.

分析師對於DOCU的評價:
• 11位buy; 給的價格分別是: $310, $320 (x2), $330 (x2), $340 (x2), $345, $350, $350, $389
• 給Buy的分析師的評語:
o Baird: The analyst continues to view them as a best in class way to play digital transformation trends with strong growth, cash flow and profitability, and a strong competitive position. Power said DocuSign remains one of his top long-term compounding growth ideas.
o Citi: While slightly shy of the double-digit billings beat in recent quarters, DocuSign still delivered a solid 8% beat to Q2 billings, which grew 47% year-over-year, Radke tells investors in a research note.
o Evercore ISI: he calls "another strong quarter." While some may have wanted to see more aggressive Q3 billings guidance, he believes estimates "continue to leave room for upside," Materne said.
o JMP Securities: While revenue growth decelerated to 50% from 58% in Q1, the company is the clear leader in electronic signature and the broader system of agreement having crossed over 1M customers with a $2B run rate this quarter, the analyst tells investors in a research note, adding that he sees lots of room for growth as DocuSign targets a $50B total addressable market.
o Needham: The analyst commented, "Docusign reported another strong quarter in 2QF22 with typical DOCU upside to revenue and profitability. Sales metrics and growth decelerated Q/Q, as we expected against a massive pandemic quarter, but at a much slower rate than we believe much of the Street was anticipating. 65k net new customers was lower than the 70k - 90 range of CY20 but was still more than 2x greater than any pre-pandemic quarter, highlighting a strong end-market driving 47% billings growth against a strong comp. Commentary on incremental Agreement Cloud demand was positive, suggesting an additional growth tailwind combined with solid international can further aid 2HF22. Although DOCU shares could be lower near-term due to weak 2H OpMg guidance, we think this guidance is conservative, as the recent OM was greater than the pre-pandemic level even with tough comps."
o RBC Capital: The quarter highlighted the sustainability of the company's tailwinds post-pandemic as most of its underlying metrics such as billings and net revenue retention were solid, the analyst tells investors in a research note, adding that the traction with CLM and Notary was also "impressive".

分析師對於CRWD的評價:
• 12位buy; 給的價格分別是: $300, $310 (x2), $313, $315 (x2) , $305, $320, $325, $330 (x2), $340
• 1位給hold: $280 (from $220 by J.P. Morgan(same))
• 給Buy的分析師的評語:
o Baird: The analyst believes the company has significant room for growth with core modules, opportunities with Humio and in cloud workload security, among others, should help drive a continuation of strong growth over a long time horizon.
o BTIG: The company's "strong" Q2 results "cleared every hurdle", even though the buy-side benchmarks may have been slightly higher, the analyst tells investors in a research note. Powell adds that Crowdstrike is clearly gaining share in its core endpoint security target market at a rapid pace and gaining traction with new products across multiple categories.
o Canaccord: The analyst said the stock is down from its recent highs, and he thinks the re-rating creates a more favorable entry point for longer-oriented investors for a foundational security name. He views Crowdstrike as a long-term secular winner in security due to its native cloud platform advantage versus closely held peers in endpoint security combined with platform expansion into tangential segments to capture greater share of security budgets.
o Goldman Sachs: CrowdStrike last night delivered "another beat and raise quarter as the company benefited from another quarter of elevated demand," Essex said. But it traded lower following net new annual recurring revenue growth guidance that was slightly less than investors had hoped for. Essex, nonetheless, said the quarter demonstrated CrowdStrike's "ability to continue to go down market efficiently."
o JMP Securities: The analyst notes the company's Q2 annualized recurring revenue of $1.34B topping his estimate of $1.30B, with "sustained" 70% ARR and revenue growth along with margin upside seen as key highlights for the quarter. Suppiger adds that the metrics reflect Crowdstrike's "strong execution and robust demand environment".
o Mizuho: "very good" fiscal Q2 results. The annual recurring revenue growth of 70% year-over-year "was strong and still nicely surpassed" the Street's 65%-66% estimate, Moskowitz tells investors in a research note. He believes "strong execution can propel" Crowdstrike's stock higher.
o Piper Sandler: The company's metrics "outperformed across the board" in Q2 with 70% annual recurring revenue and revenue growth and record net new customer adds in the quarter, Owens tells investors in a research note.
o RBC Capital: Hedberg adds that CrowdStrike's record pipeline entering Q3 should continue to fuel the company's "land-and-expand" momentum.
o Stifel: Q2 results that he said "exceeded consensus estimates across all major financial metrics." He continues to believe that Crowdstrike's growth opportunity "remains in the early days" despite the company's scale given continued share capture within its core endpoint security market and incremental module adoption on the Falcon Platform, Reback tells investors.
o UBS: the company reported "pretty good" Q2 results against high expectations.

🌻趨勢: 跨境電商 Cross-border commerce
Morgan Stanley:
From our perspective, we think many are underestimating what the cross-border eCommerce demand could ultimately be, once key friction points like FX rates, tax and duties, shipping, language, etc are smoothed—all issues that Global-E directly addresses.

Cross-border ecommerce brings new, high-yield volume: We think elevated levels of cross-border ecommerce (ex-travel) is a structural shift thathas yet to be fully contemplated in MA (and V)'s long-term forecasts. MA's cross-border CNP ex-travel volume was 69% above 2019's level in 2Q and 63% higher in 1Q. Strength reflects both broader ecommerce adoption plus globalization of commerce, as marketplaces and services that reduce cross-border friction (such as those from GLBE) make international online ordering more readily adopted. Early data at V suggests greater cross-border ecommerce spend is persisting even in areas with pre-pandemic levels of international travel. Cross-border transactions also come at a higher yield, making us more optimistic that the trend can bring incremental long-term growth to the networks.

產業的潮流是有連貫性的. 疫情讓電商更發達後, 接下來應該就是加速電商跨境了. 跨境的話, 有很多問題需要解決(稅率, 語言, etc.) 這就需要有公司來做整合的動作. 這種跨境, 也可以想像是omnichannel的一種呈現.

Harley Finkelstein (President of Shopify): "I mean I think commerce in 2021 is cross-border."

🌻SPAC熱潮退卻，初創市值蒸發750億美元
"SPAC熱潮已經退卻。分析顯示，在2月中旬以前完成合併的137家SPAC的總市值已經蒸發25%，市值回落幅度上個月一度超過1,000億美元。"

"像貝萊德(BlackRock Inc., BLK)和富達投資(Fidelity Investments Inc.)這類企業管理的基金，以及許多對沖基金、養老金管理公司和其他一些投資者，都在SPAC的回落中遭受了衝擊，他們在去年年底開始的熱潮中競相投資SPAC。其中許多基金由於在價格還很低的時候就早早入場，所以現在仍坐擁可觀收益。事實上，SPAC市值仍有約2,500億美元，高於一年前的約1,000億美元，反映出這期間股價上漲和新公司上市的影響。

但即便如此，今年年初令人炫目的回報還是讓許多後來者做了接盤俠，扎堆投資所謂穩賺不賠的領域，其永恆的風險可見一斑。在過去的幾個月裡，一些投資者眼睜睜看著帳面財富縮水。"

"股價下跌會在SPAC領域形成惡性循環，因為投資者有權在併購交易前從空白支票公司撤資。一旦SPAC跌破發行價，投資者就更有可能這樣做，而許多SPAC的股價現在正處於這樣的水平。目前，在尚未宣布併購交易的空白支票公司中，超過95%的公司股價低於發行價。

投資者的大規模撤資會讓已經上市的空白支票公司手上的現金大幅減少，讓其更難實現業務目標，並可能加劇股價跌勢。"

https://on.wsj.com/3n6JznC

🌻BNPL (buy now pay later)
But most BNPL providers including Affirm, Klarna and Afterpay have been losing money despite breakneck revenue growth as they invest heavily in marketing to win share. Sweden-based Klarna’s credit losses more than doubled in the second quarter. Affirm has projected adjusted operating losses of $50m-$55m for the fiscal year that ended June 30.

The path to profitability for many of these companies was to achieve massive scale, analysts said.

https://www.ft.com/content/ca201a37-a16d-4223-b123-04d38350a972

Pictures: 一葉知秋; from EarningsWhispers

新杉田…二郎系ラーメン！神奈川県横浜市磯子『赤ひげラーメン』に伺いました。いつもは「杉田家」に伺うことの多い「JR新杉田駅」を下車し、徒歩で10分かからないくらいの場所にお店があります。黄色に黒文字で大きく「ラーメン」と書かれたところが目的の場所。初めて伺う、そして久しぶりの二郎系ラーメンです。お店の様子から早速ご覧ください！

＊感染対策を徹底して撮影を行っています。
＊撮影に際しては、お店の方や周りのお客様に充分配慮して撮影をおこなっています。


Shinsugita ... Jiro ramen! We visited "Akahige Ramen" by Isogo, Yokohama City, Kanagawa Prefecture. Get off at "JR Shinsugita Station", which you usually visit the "Sugita-ya”, and there is a shop in a place that is less than 10 minutes on foot. The place where the word "ramen" is written in yellow and black letters is the target place. It's the first time I've visited, and it's been a while since I've had a Jiro ramen. Please have a look from the shop!
* We take thorough measures against infection.
* When shooting, we give due consideration to the shop and customers around us.

いつもありがとうございます！( ´ ▽ ` )
高評価＆チャンネル登録もよろしくお願いいたします！

#二郎系 #ラーメン #新杉田 #ロイドごはん #フラメンコロイド


—————《サブチャンネルもよろしくお願いします！ sub channel》—————————————

【メロンシートジャーニー】
https://www.youtube.com/channel/UCwNlBAUziFWkJZFY_u3t65A

【フラメンコロイド】
https://www.youtube.com/channel/UCsFJHNg3SR41R2a3vctUInw


—————《本日の店舗情報》—————————————————

『赤ひげラーメン』https://tabelog.com/kanagawa/A1401/A140308/14040624/


—————《ロイドごはんオススメの動画！　 ROIDGOHANs’ Recommended video》———————————

78才おじいちゃん屋台ラーメンの朝『幸っちゃん』夜明けの銀座【飯テロ】Old Style Ramen Stall Yatai Japanese Street Food
https://youtu.be/YHiWYvhxUI4

【家系ラーメン特集!】
https://www.youtube.com/playlist?list=PL6yW17uB9uIVUmOS8qnXrRwcBu8W-uRYZ

神回【ラーメン二郎の貴重映像】全増しが出来るまで一部始終を大公開！【ラーメン二郎 ひばりヶ丘店】ramen
https://youtu.be/mBFcdMHyaxA


—————《オリジナルサイトの情報》—————————————————

★ロイドwalker《人生をドラマチックに彩る旅とグルメと温泉図鑑》
https://ramenjapan.net/
★メロンシート《フラメンコギターの世界一の旅》
https://pordiotama3.xsrv.jp
★フラメンコロイド 《フラメンコロイドの神話と伝説》
https://flamenkoroid.net

—————《twitter》—————————————————————

★ロイドごはん
https://twitter.com/roidgohan
★メロンシート
https://twitter.com/meloncito310
★フラメンコロイド
https://twitter.com/flamenkoroid

—————《instagram》———————————————————-

★ロイドごはん
https://www.instagram.com/roidgohan
★メロンシート
https://www.instagram.com/satoshimelo...
★フラメンコロイド
https://www.instagram.com/flamenkoroid

Campaign : Blissful Together
Brand : Auntie Anne's Malaysia
Marketer : Dickson Chai
Agency : Nil

PROBLEM
Auntie Anne’s is a well-known International Brand from U.S.A specializing in baked soft pretzels. The first outlet arrived at Malaysian shores 25 years ago and has since experienced continuous growth in both outlets and customer base.

Sales during the Chinese New Year festive period (January to February) are typically non-peak season with lower-than-average volumes.Malaysians from city areas (where the majority of Auntie Anne’s outlets are located) back to their respective hometowns in sub-urban or rural areas to spend time with the family, traditionally the week preceding and during Chinese New Year. This leads to lower footfall at shopping areas and malls during this window, generating lower transactions.

Auntie Anne’s devised a breakthrough strategy to increase brand presence, awareness and drive customers’ visitation to outlets when doing shopping in malls.

SOLUTION
The campaign’s concept – “Blissful Together”, inspired by “福” (Blissful) – a word commonly used during Chinese New Year seasons which means good wishes and also represents the joy and festive mood associated with Chinese New Year. Creatively combined the brand logo with the word “福”, fusing a Western brand with iconic traditional Chinese element, to become the central art of the campaign, making all customers felt like enjoying a piece of Auntie Anne’s means receiving a “Blissful” wishes from the brand during Chinese New Year.

Campaign’s target audience was Malaysians of all races, all ages, including new and repeat customers.

Auntie Anne’s used an integrated approach to maximise reach and engagement of target audience via relevant touch-points.

Packaging: All packaging were changed into a couplet-like design with Auntie Anne’s version of “福” (Blissful) word on it, spreading the “Blissful” experience to every customer who visited Auntie Anne’s throughout the period.

In-store promotional items: Utilized all potential spaces and real estate within each outlet to display campaign-related in-store items. All collaterals strongly presented the Auntie Anne’s version of “福” (Blissful) word and functioned like couplets display at outlets.

Promotion Scheme: 3 promotional sets and used different “Blissful” levels to represent different promotional sets: i. “So Blissful” – RM8.50 (Original Stix + Any Pretzel) , ii. “More Blissful” – RM9.50 (Cinnamon Stix + Any Pretzel) , iii. “Very Blissful” – RM10.50 (Choco Eclairs Stix + Any Pretzel).

Social Media: Consistent postings highlighting the couplet-like design packaging to bring up the festive mode among audience as well as a reminder to loyal fans and potential customers throughout campaign period.

DELIVERY
On ground:
All Auntie Anne’s outlets turn into “Blissful” outlets by displaying all “Blissful Together” theme promotion materials.

All outlet staffs strongly promote “Blissful” promotion set items with use of “Blissful” name for promotion items: “So Blissful”, “More Blissful” and “Very Blissful” instead items’ original names during the campaign.

Only “Blissful” design packaging was used during the period to pack every product sold.

On line:
The campaign was announced through Facebook and Instagram page by changing the profile photos to display Auntie Anne’s version of “福” (Blissful) word and followed immediately by promotion information post on 1st day of campaign. Facebook and Website landing page cover pictures were changed to “Blissful Together” campaign key visuals to be consistent with the “Blissful” decoration displayed at physical outlets.

1 social media posting was made on Facebook and Instagram platforms on average, every 2.5 days, about “Blissful Together” campaign to maintain the campaign hype and momentum.

PERFORMANCE
Successfully spread “Blissful” wishes to more than 945,000 customers with more than 1,790,000 “Blissful” packaging handed out together with the products sold – exceeding the sales made last year for same period by more than 41,000 units.

A growth in Revenue of 5.6% and growth in number of transactions by 2.7% during the Chinese New Year period compared to last year. Average spending per transaction increased by 2.8% showing the direct impact of the promotional set items sold which encouraged customer’s higher spending or more quantity purchase per transaction.

“Blissful Together” postings gained total of 42,622 reached with in Facebook fan page and 20,438 reached in Instagram during campaign period with ZERO advertising budget. “Blissful Together” first day posting achieved 5% engagement rate which was higher than industry benchmark (3-4%).

Campaign successfully created a new mindset of inclusivity, reminding that festive seasons such as the Chinese New Year can be celebrated by all races through the concept of blending a western international brand with traditional Chinese culture to symbolize joy and fortune during Chinese New Year.

📣New announcement!!!
【Ayasa‘s original Goods and CDs! SHOP!!! 】

For overseas customers Proxy purchasing service "Buyee" Simply buy Japanese items even you are outside of Japan URL:https://shop.buyee.jp/ayasa-shop

海外客人福音！ 透過日本代購網站「Buyee(バイイー)」 在國外也能買到日本的商品！ URL:https://shop.buyee.jp/ayasa-shop

海外客人福音！ 透过日本代购网站「Buyee(バイイー)」 在国外也能买到日本的商品！ URL:https://shop.buyee.jp/ayasa-shop

海外在住者向け 代理購入サービス「Buyee(バイイー)」 海外からでも日本の商品が購入できます！ URL:https://shop.buyee.jp/ayasa-shop

===========================================
2020年11月15日(土)に配信された「Ayasa CHRONICLE配信 Vol.8」に英訳テロップを入れたバージョンです。

Vol.1:https://youtu.be/P-azNgFqBZc
Vol.2:https://youtu.be/r5nkq7YiQSI
Vol.3:https://youtu.be/lyhGqsZwN4I
Vol.5:https://youtu.be/ZVwYG5qmXqw
Vol.6:https://youtu.be/UJwA9CQW9Do
Vol.7:https://youtu.be/_6y_ApOqZoc



Official HP：http://www.ayasa-violin.com
Ayasa Twitter：https://twitter.com/ayasa_violin
Ayasa Instagram：https://www.instagram.com/ayasa_doya/ Ayasa
TikTok：https://vt.tiktok.com/6wf1kQ/
Ayasa official Fan club（Ayacircle）：https://ayacircle.com


#Ayasa #バイオリニスト #violinist
======================================================
9/13(日)Ayasa Special LIVE「Ayasa Theater + ANISONG COVER NIGHT」ニコニコ生放送＆bilibiliにて配信ライブ決定！

ニコニコ生放送＆bilibiliにご協力いただき、およそ９カ月ぶりにAyasaソロライブの開催が決定!!

今回の配信は普段行っているオリジナル中心のライブ「Ayasa Theater」とアニソンを中心とした「ANISONG COVER NIGHT」をミックスした普段見られないバンド形式のスペシャルライブ。
正に見逃せないプログラムだ。

【ニコニコ生放送】
配信日時：2020年9月13日(日)　19:00開始
チケット情報：3,500ニコニコポイント（税込3,500円）
販売期間：2020年8月28日(金)19時〜10月12日(月)23時59分まで

詳細・チケットのご購入はこちら
https://live2.nicovideo.jp/watch/lv327727188


【bilibili】
配信日時：2020年9月13日(日)　18:00開始(中国時間)
チケット情報：200元
販売期間：2020年8月28日(金)18時〜9月13日(月)19時まで

詳細・チケットのご購入はこちら
https://live.bilibili.com/blackboard/activity-Ayasa_Special_2020.html?is_live_webview=1

======================================================
2020年8月1日(土)「 FUJIPACIFIC MUSIC presents J-POP COVER NIGHT Vol.1」配信リリース決定！

色褪せることのない名曲たちを ヴァイオリン・リメイクでリリース!
サウンドプロデュースは、 野崎良太(Jazztronik)、福富幸宏、松下昇平(M-Swift)豪華なプロデューサー陣で色彩を彩る!


J-POP COVER NIGHT Vol.1
1. RIDE ON TIME
2. 君は天然色
3. 夏のクラクション
4. もう一度夜を止めて
5. たしかなこと

ダウンロードはこちらから
https://nex-tone.link/JCN1

詳しくはこちらへ
http://www.ayasa-violin.com/information/20200801_j-pop_cover_night_vol-1/ ‎

・・・・・・・・・・・・
2020年9月1日(火)「 FUJIPACIFIC MUSIC presents J-POP COVER NIGHT Vol.1」から『RIDE ON TIME』フルMV 配信リリース決定！

現在配信リリース中の「 FUJIPACIFIC MUSIC presents J-POP COVER NIGHT Vol.1」から山下達郎さんの名曲「RIDE ON TIME」のフルMVが9月1日(火)から配信リリースされることになりました！

ダウンロードはコチラから
https://fanlink.to/dyTV
======================================================
『ANISONG COVER NIGHT Vol.2』が、各種配信サイトにて配信中！！！

『ANISONG COVER NIGHT Vol.2』

[ 収録曲 ]
M1. secret base〜君がくれたもの〜
M2. 僕たちはひとつの光
M3. Snow Fairy Story
M4. バレンタイン・キッス
M5. 会いたい
M6. 一度だけの恋なら
M7. INVOKE-インヴォーク-
M8. Believe
M9. ラピスラズリ
M10. ノイズ
M11. Eternity Blue
M12. unravel
M13. 英雄 運命の詩
M14. Desir
M15. aLIEz


iTunes
https://itunes.apple.com/jp/album/id1...

Google Play Music
https://play.google.com/store/music/a...

Apple Music
https://itunes.apple.com/jp/album/id1...

Amazon Music
https://music.amazon.co.jp/albums/B07...

LINE MUSIC
https://music.line.me/launch?target=a...

Spotify
http://open.spotify.com/album/7MdQexp...

======================================================
『ANISONG COVER NIGHT Vol.1』が各種配信サイトにて配信中！

[ Ayasaコメント ]
▼ https://youtu.be/4y5Fecm0Pxg

=============

『ANISONG COVER NIGHT Vol.1』

[収録曲]
M1. 千本桜
M2. ”上”
M3. ライオン
M4. 六兆年と一夜物語
M5. 前前前世
M6. バイブレーション
M7. 深い森
M8. Paradisus-Paradoxum
M9. COLORS
M10. いけないボーダーライン
M11. My Dearest
M12. The Everlasting Guilty Crown
M13. VORACITY
M14. 極楽浄土
M15. KOE


■ダウンロードサービス
iTunes：https://itunes.apple.com/jp/album/id1...

Amazonデジタルミュージック：https://www.amazon.co.jp/dp/B07VBPRRPF/

Google Play Music：https://play.google.com/store/music/a...

レコチョク：http://recochoku.jp/album/A1012256651/

mora(AAC-LC 320kbps)：http://mora.jp/package/43000033/A74881/

mora(48.0kHz/24bit)：http://mora.jp/package/43000033/A74883/


■サブスクリプションサービス
Apple Music ：https://itunes.apple.com/jp/album/id1...

Spotify ：http://open.spotify.com/album/6B8PUQQ...

LINE MUSIC：https://music.line.me/launch?target=a...

Amazon Music：https://music.amazon.co.jp/albums/B07...

Google Play Music：https://play.google.com/music/m/Bytsk...

dヒッツ：https://selection.music.dmkt-sp.jp/ar...

AWA：https://s.awa.fm/album/b20de8909ebc0e...

======================================================